Accessibility links

  • Skip to content
  • Accessibility Help
Click button to open menu
  • Home
  • About Us
    • About The Firm
    • Company History
    • Why Choose Us?
    • Meet the Team
    • Join the Team
    • Mission Statement
    • Corporate Social Responsibility
    • The Finnies App
  • Services
    • Services for Business
      • Overview
      • Accountancy
      • Auditing
      • Bookkeeping
      • Business Growth
      • Company Secretarial
      • Corporate Finance Services
      • Exit Planning
      • Human Resources Support
      • Payroll
      • Rescue & Recovery
      • Succession Planning
    • Services for Individuals
      • Overview
      • Retirement Planning
      • Self Assessment
      • Wealth Management
    • Tax
      • Overview
      • Personal Tax Planning
      • Corporate Tax
      • Estate and Inheritance Tax
      • Capital Gains Tax
      • HMRC Investigations
      • VAT Advice
      • International Tax
    • Cloud Accounting
      • Overview
      • QuickBooks Online
      • Xero
      • Making Tax Digital – What does it mean to me?
  • Specialisms
    • Manufacturing
    • Academies
      • Overview
      • Audit
      • Payroll Services
      • Responsible Officer Duties
    • Musicians
      • Overview
      • For You Personally
      • Incorporation of Your Business
      • Overseas Engagement
      • VAT Registration
  • Resources
    • Your business
      • Overview
      • Developing your business
      • Essentials
      • Limited companies
      • PAYE, NICs and benefits
      • Starting a business
      • VAT
    • Your money
      • Overview
      • Personal taxation
      • Savings & investments
    • Tax information
      • Overview
      • Autumn Budget
      • Spring Statement
      • Tax calendar
      • Tax rates and allowances
    • Guides
    • Tax strategies
      • Overview
      • Tax and financial strategies 2018/19
      • Strategies for your business
      • Exiting your business
      • Tax and employment
      • Planning for yourself and your family
      • Making the most of savings and investments
      • A comfortable retirement
      • Tax-efficient estate planning
    • Interactive tools
      • Overview
      • Calculators
      • Companies House forms
      • HMRC forms
      • Links
    • IRIS OpenSpace
  • Blog
    • Blog
    • Business News
    • Hot Topics
  • Referral Program
  • Contact Us
finnies
Facebook Twitter LinkedIn Google+ YouTube
01482 861919 enquiries@finnies.org.uk

Paper £5 notes set to be demonetised

  1. News
  2. Business News
  3. Archive

04 May 2017

The paper £5 note will cease to be legal tender from 5 May.

The Bank of England (BoE) has been encouraging those who still have old notes to spend them ahead of the deadline. It estimates that 150 million paper £5 notes are still with the general public.

After 5 May, retailers are no longer obliged to accept old paper £5 notes as a form of payment. Some banks and building societies may accept old notes after the deadline: however, this is at the bank’s own discretion. Many banks will allow customers to exchange them.

Commenting on the issue, a spokesperson for RBS said: ‘After the note goes out of circulation, customers will still be able to bring in their old £5 notes for exchange at one of our branches.’

Similarly, a spokesperson for Lloyds Banking Group said: ‘We’ll continue to accept them from our customers, either exchanging them for the new polymer note or depositing it into their account, whichever they prefer.’

The BoE has stated that it will be exchanging old £5 notes for new ones ‘for all time’.

The new polymer £10 note will be introduced from September. The Bank will issue the new £20 note by 2020.

Latest news stories

22 Feb 2019

Small businesses 'worrying about access to finance after Brexit', according to report

A report published by the British Business Bank has revealed that a third of small businesses believe it will become 'more difficult' to access finance once the UK leaves the EU.

21 Feb 2019

Survey suggests eight in ten businesses 'aware of MTD for VAT'

A survey carried out by HMRC has revealed that 81% of VAT-mandated businesses are 'aware of Making Tax Digital for VAT (MTD for VAT)', either by name or by concept.

20 Feb 2019

MPs call for introduction of new levy on clothing retailers

The Environmental Audit Committee has called for the introduction of a new levy on so-called 'fast fashion' retailers.

Connect with us

Facebook LinkedIn Twitter Google+ YouTube
Copyright

© 2019 Finnies Chartered Certified Accountants. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Address
Finnies Chartered Certified Accountants, 4-6 Swaby's Yard, Walkergate, Beverley HU17 9BZ

Please call:
01482 861919

Or email us:
enquiries@finnies.org.uk

Quicklinks

Home | Contact Us | Site map | Accessibility | Legals and Disclaimer | Help |

ACCA logo
ACCA logo
XERO logo quickbooks.png
FSB logo
Reviews and Ratings for accountant Neil Tomlin, Hull